A private university receives $1,000,000 in the current fiscal year as a grant restricted for a specific research project and incurs expenses of $400,000 related to the research project during the current fiscal year. Make all necessary journal entries to record the transactions related to the grant for the current fiscal year. Prepare journal entries to record the transactions related to the grant for the current fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents